Binance, the blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, announced the launch of its new Web3 wallet on November 8 at the Binance Blockchain Week conference in Istanbul.
The new self-custody wallet is built within the Binance app and is designed to offer its users a way to easily and securely earn yield on their crypto, swap thousands of tokens across 30+ networks, transfer funds between the exchange and the wallet, explore a variety of decentralized applications (dApps), and more, as per the latest information shared with Finbold by the crypto exchange.
Changpeng Zhao (‘CZ’), CEO and Founder of Binance, commented on the announcement:
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Web3 wallets represent more than just storing digital assets; they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.
Three main advantages of the new Binance wallet:
The Binance Web3 wallet is aimed at removing the complexities usually associated with Web3. It has, therefore, been designed to offer its users as much simplicity, accessibility, and security as possible – no matter how experienced a crypto trader they are.
The wallet can be used to access dApps, and DeFi features directly with the Binance mobile app, meaning its users can create and activate it in seconds.
On top of this, it offers all-in-one convenience by serving as the hub for users to explore various dApps, purchase cryptocurrencies through the Swap function, and also allows them to receive rewards from their digital assets through its built-in Earn and DeFi services.
The wallet also uses Multi-Party Computation (MPC) technology to break down a user’s private keys into three smaller parts known as key-shares and then splits them across three different locations. This simultaneously ensures that there is a low risk of them being compromised and removes the need for users to manage and memorize seed phrases.
In addition, the wallet boasts other enhanced security features, such as wrong address protection and malicious contract detection.
Changpeng Zhao also said that:
Binance’s Web3 Wallet lowers the barriers of entry for users to achieve full self-custody of their assets and it is an important, convenient bridge towards DeFi empowerment. Ultimately, our priority is to ensure users can explore Web3 with us within a user-friendly and protected environment.”
While Richard Teng, Head of Regional Markets at Binance, noted:
The overall aim when designing our Web3 Wallet is to help elevate the current user journey of experiencing Web3. We want our users to be assured that they are interacting with Web3 within a secure and protected ecosystem. That is why we have incorporated MPC technology as well as Binance’s trusted security infrastructure within the Web3 Wallet.
Teng added:
The common stress of worrying about losing one’s seed phrase is removed, so that we can introduce a secure and smooth entry point for millions of users to safely and easily explore the Web3 universe.
Finally, Binance confirmed that its 24/7 Customer Support will be available to users to ensure a seamless experience with the newly launched Web3 Wallet.
